前20名会员持仓变动

The first 20 members take a position change 　　前20多方主力持单

The first 20 many main a single

　　前20空方主力持单

The first 20 empty main party a single

　　数据截止2012年9月5日

Data cut-off on September 5, 2012

　　（本报数据研究部 高毅）

　　近期期指在触及年内新低2186.96点位之后有企稳现象，多方也开始试探性反击，从持仓上看，继前两天减仓之后，周三当月IF1209合约再度减仓1569手，而且前20名空头减仓幅度又是远超多头减仓规模，进而使得净空头寸从8月14日1.6万手的峰值回落到1万手以内，成为继7月2日以来净空持仓的最低水平。

Recent period refers to a new low in touch years after 2186.96 point have stabilises phenomenon,Many also began exploratory counterattack,Look from the position,After the first two days after decrease a storehouse,The contract on Wednesday IF1209 once again reduced bin 1569 hand,And the top 20 bear minus bin amplitude is far ultra long minus bin size,Then make clearance position from August 14 16000 hand peak back to within 10000 hand,On July 2, become the lowest level since clearance position.

　　空头获利持续离场的迹象明显，减轻仓位以备移仓，其中海通期货本周以来持续大幅减仓3000手以上，但是空头大哥中证期货却是小幅减仓仍保持一万手以上的空单，"多头不死空头不止"的法则似乎仍在持续发酵，期指的根本性反弹还需关注多空双方主力持仓变化，空方主力若大幅减仓获利了结，多头主力必将卷土从来乘胜追击，迎来新的一波期指涨幅，当然此举也需宏观经济层面的配合，以及市场有利好消息的出台，这些都将影响到多空双方操作上的变化，期指才能真正出现一波上涨潮。

Bear profit margins continue to leave obvious signs of,Reduce the position and be ready to move the storehouse,Including haitong futures since this week for greatly reducing bin 3000 hand above,But bear eldest brother has futures is slightly reduced warehouse still maintain ten thousand hand more empty single,"Bull undead bear more than"The law seems to be still in continuous fermentation,Period refers to the fundamental bounce still need to pay attention to many empty bilateral main position change,Empty square main if greatly decrease a storehouse in profits,Multiple main will roll soil never 56-point thrashing,Usher in a new wave period refers to rise,Of course this also need to macro economic levels of fit,And market advantage good news come on stage,All of these will affect many empty bilateral operational changes,Period refers to a wave can truly appear on flood tide.

　　从期指历史走势上和多空双方持仓变化上看，期指指数的历次涨跌均与多空双方的力量强弱有相应的联系，年初的一波上涨潮中，1月6日期指收出小阳线，多空双方主力前五名持仓转为多头占上风，多头主力前五名增仓669手，空头主力前五名增仓只有373手，恰逢周末收出小阳线为下周期指上攻蓄积力量，随后期指接连收出两根大阳线，虽然这两日多空双方均为减仓，但可以看出空头方面减仓力度远远大于多头方面，1月9日、10日多头主力前五名净减仓1383手、209手，空头主力前五名净减仓则多达3001手、3274手，其中空方"带头大哥"中证期货连续两日减仓均在2000手以上，合计减仓4362手之多，占到这两日全部前20名主力会员减仓的64%，由此可以看出期指的走势与多空双方主力持仓变化有较大的关系，空方主力的大幅减持减弱了市场做空的热情，随后期指一路震荡上行从2290点冲高到2705点，完成了一波415点的大涨。同样的情况在清明节小长假前空方主力前五名在减仓力度上明显大于多方，小长假结束的第一交易日，空方大幅减仓6000手以上，而多方仅减仓600多手，多方力量再次占据上风，推动期指一路上行最终触及今年以来的高位2717点。之后进入长达四个月的调整，一路震荡下行最低达到2186点，创下近三年来的新低，纵观多空双方持仓增减幅度可以看出空方主力在大幅减仓强于多方减仓幅度时 ，期指之后往往会有反弹迹象，进入7月之后主力合约上空方增仓势头明显，净空单基本保持在一万手以上，8月14日更是达到了峰值16067手的净空单，在空方持仓不断增多的同时期指亦难有走强的态势，近期的持续探底也正是多空力量对比的写照。

From the period refers to the historical trend and many empty bilateral position on the change,Period refers to the index of all previous ups and downs are empty and the power of the weak have corresponding contact,At the beginning of the year on a wave of high tide,On January 6 date refers to accept a small positive line,Many empty bilateral main the top five position into long have the upper hand,Long before the first five ing 669 hand,Bear main the top five ing only 373 hand,The attention of the weekend a small positive line for the next cycle refers to attack on accumulation strength,Later period refers to the sun arises in the two root line,Although the two day many empty both sides to reduce the warehouse,But you can see that bear on minus bin strength than multiple aspects,On January 9th/More than 10 days before the first five net minus bin 1383 hand/209 hand,Bear main the top five net minus bin is as many as 3001 hand/3274 hand,The empty square"Lead the eldest brother"Futures has two consecutive losing bin are in hand 2000 above,Total minus bin 4362 hand many,Account for the two day all the top 20 main members reduce 64% of the storehouse,Can see from this period refers to the trend and many empty bilateral main position changes have bigger concern,Empty square main considerably reduce the weakened the market's enthusiasm,Later period refers to all the way concussion uplink from 2290 points to 2705 points of high impact,Completed a wave of 415 points.The same situation in the qingming festival small long vacation before empty square main the top five in the minus bin strength on significantly greater than many,Small long vacation at the end of the first trading day,Empty square greatly reduced bin 6000 hand above,And many more than 600 hand only decrease a storehouse,Many forces have the upper hand again,Promote period refers to the final touch do since this year high 2717 points.For four months after into the adjustment,All the way concussion descending minimum reaching 2186 points,Nearly three years in a low,Throughout many empty bilateral position increase or decrease amplitude can see the empty square main in greatly reduce warehouse better than many minus bin scale ,Period refers to often can have a rebound after the signs,In July the main contract after above party ing momentum obviously,Clearance single basic keep in ten thousand more than the hand,On August 14, but also reached the peak 16067 hand clearance single,In the empty square position of increasing with age refers to also go to have a strong trend,The recent sustained exploratory bottom it is also more empty balance of power mirror.